Mangopay launches comprehensive FX solution

Mangopay, the provider of a modular and flexible payment infrastructure for platforms and marketplaces, announced today Expanding its international capabilities by introducing a comprehensive foreign exchange (FX) solution.designed for support the international growth of platforms and marketplaces. Mangopay’s new FX solution aims to reshape the way platforms of all kinds handle currency conversions more transparency and control in international business. This will allow them to develop new revenue streams, create local payment experiences for their users, and improve control over their treasury operations.

Mangopay, recently named one of the most promising international payments companies by FXC Intelligence, provides its modular payments infrastructure to help more than 2,500 platforms worldwide scale, including brands such as Wallapop, Vinted, Rakuten, La Redoute and Chrono24.

The Mangopay’s comprehensive FX solution enables platforms to build a flexible and modular international strategy. This contains Spot FXwhich allows platforms to access a real-time exchange rate for instant conversion, and Guaranteed FX, which temporarily locks interest rates to reduce the risk of currency fluctuations. In a survey of 200 chief financial officers (CFOs) and nearly 300 treasurers, 77% of CFOs in EMEA said their company had suffered a decline in revenue in the last two years due to avoidable exchange rate risk.

By exploiting it Spot or guaranteed FXPlatforms can provide local shopping experiences that help reduce checkout churn, take control of their treasury and liquidity management, and enable both their buyers and sellers to collect and exchange funds in multiple currencies. Platforms can use different currencies at any point in the payment flow, without being limited to foreign exchange when collecting or making payments.

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Aside from that, Mangopay strengthens its payment network in the coming months to enable faster and cheaper global payments in more than 60 currencies with local settlement in more than 20 currencies.

Kirk Donohoe, Mangopay product managerhas explained: “The platforms and marketplaces we work with constantly tell us about the importance of taking control of your international money movements to create delightful user experiences, streamline operations and drive business growth. Our FX solution completely eliminates the friction associated with traditional currency conversions, which provides the flexibility needed to easily manage international payment flows. Simplifies FX for the platforms we work with and their customers, from access to payment and movement of funds within their ecosystem«.

“We succeed when our customers do well, and supporting their ambitions through innovative payment infrastructure and cross-border products remains at the core of our strategy.” We are very excited about the opportunity to support the platforms we support in their international growth“, emphasized the manager.

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